Finding the right property

March 21, 2017
Becky Thomas

Buying a rental property calls for a different approach to choosing your own home. Be strategic and look for a property that will appeal to a wide range of tenants.

Use your head, not your heart

When you’re choosing your own home, you need to find something that meets personal requirements such as proximity to work, kids' schools or friends and family. As an investor you need to find a property that will suit a broad range of tenants. Of course you have the freedom to buy in any state or territory, though buying in a suburb near home gives you the benefit of local knowledge.

The key is to research locations carefully, looking at important factors like population growth, tenant demand, local price growth and any developments planned for the area. It is also critical to consider the type of property best suited to fulfilling your goals. Think about whether you prefer an existing or new dwelling, and the sort of features that you believe are desirable.

Must-have features

Regardless of the type of investment property you choose, there are certain features that appeal to most tenants, and these are worth looking for:

Security

Whether it is a safe, quiet street with good lighting or a home security system, tenants like to feel safe, just as landlords do.

Storage

Ample storage is a plus for tenants who may otherwise have to pay for off-site storage of personal belongings.

Parking

Off street or undercover parking will add value to your property and attract a greater range of tenants.

Low maintenance

Unless you are willing to pay for a gardener to maintain gardens, pools, spas and other features, stick to properties that can be easily and cheaply maintained.

A pleasant outlook

You're likely to pay more for a property with views or a pleasant outlook but it will be easier to tenant and command a higher rent.

Posted in: Property investment

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